Sample Business Contracts

Employment Agreement - Tel-Save.com Inc. and Daniel Borislow

Employment Forms

Employment Contract. Employers can customize an employment agreement that states the salary, benefits, working hours and other important provisions for their new or existing employee.
Consulting Agreement. Answer simple questions to build a contract with a consultant. Specify the services rendered, when payment is due, as well as IP rights.
Commission Agreement. Employers who compensate their sales employees based on commissions can prepare an agreement to reduce misunderstandings by specifying the base salary and how commissions are calculated.
Executive Employment Agreement. Companies may offer their business executives a contract that is different from the one provided to their regular employees. Executive employment agreements may be more complex because the compensation structure may include a combination of salary and commissions, provide for bonuses based on sales, stock or other financial targets, and include non-compete, confidentiality and severance provisions.
Sales Representative Contract. Independent sales representatives offer companies the potential to increase the sale of products or services without the burden of increasing headcount. Both parties should understand how commissions are calculated, when commissions will be paid, as well as how the representative will treat confidential information from the company and whether the representative may also sell a competing line of products or services.
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December 30, 1998

Mr. Daniel Borislow
Chief Executive Officer
Tel-Save.com, Inc.
6802 Rte. 202
New Hope, PA  18938

Dear Dan:

A "Change in Control" as defined in my Employment  Agreement  dated July 3, 1997
and as defined in my Stock Option Agreement dated October 13, 1998 will occur on
your  resignation  as Chief  Executive  Officer.  As a result I may terminate my
employment  and receive  Compensation  for the remaining  term of the Employment
Agreement (approximately 22 months) without mitigation.

You have  requested  that I continue  in my current  capacity  rather than elect
immediate  termination of my employment and payment of the Compensation required
under the Employment Agreement.

     1.   I will continue as Chief Financial Officer of Tel-Save.com, Inc. until
          a replacement is found but no later than October 31, 1999.

     2.   My compensation  will continue  without any requirement for mitigation
          for 22 months after a replacement is found or October 31, 1999.

     3.   I will continue as a Director of  Tel-Save.com,  Inc. until expiration
          of my current Term (year 2000).

     4.   I will consult on a limited basis after cessation of employment  until
          December 31, 2000.

     5.   I will be paid $20,000.00 per month for commencing January 1999.

     6.   The  250  000  stock  options  which  I  have  are  fully  vested  and
          exercisable as of December 30,1998.

     7.   All other  terms of my  Employment  Contract  will  continue  to be in
          effect until October 31, 1999.

Any other arrangements for services will be separately  negotiated with the then
appropriate executives of the Company.

Please indicate your acceptance and agreement in the space provided below.

Yours truly;                                            Accepted and Agreed
                                                        Tel-Save.com, Inc.


George P. Farley                                        By:
                                                           ---------------------
                                                           Daniel Borislow, CEO